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N.C. FIRM PAYS $31 MILLION FOR TWO MIDTOWN MEDICAL BUILDINGS
August 17, 2004
By Drew Ruble
Faison Enterprises, Inc., a privately held real estate development and management firm based in Charlotte, N.C., has entered the Nashville market via purchase of two midtown medical buildings leased by Baptist Hospital. The total value of the sales exceeded $31 million. The buildings are located at 300 20th Ave. N. and 222 22nd Ave. N. Selling the property was American Real Estate Holdings (AREH), a publicly traded real estate management and investment company with headquarters in Mt. Kisco, N.Y. Several years ago, Baptist sold the buildings to AREH. The hospital has been leasing the buildings since that time. Essentially a net lease transaction, Baptist is responsible for all property taxes, maintenance expenses, insurance and other costs associated with keeping the asset in good working condition. Faison has essentially bought the lease on the two properties.The purchases represent the first medical office buildings in Faison's portfolio. The company primarily deals in office and retail properties. Faison COO Alan Jackson described Nashville as a "stable market" and a "terrific place to be" in the company's ongoing efforts to diversify its investments. He predicted future investments in the Nashville community by the company.
Copryright 2004 NashvillePost.com. All rights reserved.
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